More bad news for U.S. automakers

Things are not looking good for General Motors. The company is reportedly planning to shutter most of its factories in the U.S. for up to nine weeks beginning as early as next month. GM also reported that it does not plan to pay $1 billion it owes bondholders by June. And if that wasn’t enough bad news for the industry, Chrysler is now saying if it doesn’t get more money soon, it will go into de facto liquidation. To help sift through this latest chapter of bad news for the American auto industry The Takeaway is joined by Nick Bunkley, who writes about the auto industry for The New York Times.

"Neither one of these groups wants to be the first to step forward and make more sacrifices. But both of these groups are going to have to finally agree to something in the next week and both of them are going to have to give up quite a bit." —New York Times writer Nick Bunkley on the future of GM and Chysler